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Whilst making money is something we all want to do, we rarely want to exchange our precious time for the cash we require to live a stable life. In this sense, we’re often intrigued by the idea of passive income and opportunities to generate money without having to slog our guts out.
The place most people first turn, of course, is the internet - yet the second most popular option people consider is that of leveraging their home; whether that’s by looking into financial concepts such as AAG Reverse or leveraging a spare room to make some extra cash via apps like AirBnB.
It’s often more of a challenge if you don’t own your home, and are a tenant, yet many people are still able to make money from their property - whether or not they choose to tell their landlord, might be another matter, however.
If you have a spare room, then getting a lodger can be a great way to make a bit of extra cash, particularly if you have a large house or an en-suite bathroom yourself, as one of the most annoying aspects of getting a lodger is having to wait for them to finish in the bathroom, particularly if you’re trying to get ready for work.
There are many websites that you can post free adverts on to find a lodger, though, one of the most effective approaches remains one of the most traditional - in that it simply involves putting up a poster in local shops and community forums.
Something that pays a lot more money, yet is a little more involved is to host an international student - often this will be for them to improve their conversational English skills, and in this sense you might be expected to undertake a fair amount of tutoring - yet the money you can make from having an international student stay with you for a couple of weeks, can make it all worthwhile.
AirBnB offers a different option to the idea of getting a permanent lodger, as this can generate higher revenue and be more flexible - yet it’s not as consistent. In essence, if you can rent your room out for $15 a night on a monthly basis, on AirBnB you could advertise the same room for double, if not triple and therefore if you have a decent occupancy level, you can make quite a lot of money.
This is particularly good for people that live near sporting venues or concert halls, or even airports - as they tend to be prime opportunities to make extra cash.
Many people don’t want someone else living in their space, and that’s understandable, but remember your property isn’t limited to just your house - you could rent out your garage, either to a person to store their car, or you could even section it off and rent out parts to different people, thus making more money from the square footage.
Storage is big business, and highly profitable, so it’s worth considering what areas of your property you could use for storage, particularly if you have land.
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